Positive Valuation Research Articles

Karl Barth’s Christological Ecclesiology: A Historical Development

Abstract This paper traces the historical development of Karl Barth’s ecclesiology by analysing three representative works: The Epistle to the Romans, the Göttingen Dogmatics, and the Church Dogmatics. It argues that Barth’s theological turning point was a shift away from an early period Christology, which emphasised an eschatological time/eternity dialectic, culminating in the resurrection, towards a Christology that emphasised the anhypostatic union of Christ’s two natures, that culminated in the incarnation. Thus Barth gave an increasingly positive valuation of the church as an historical institution.

The valuation effects of corporate social responsibility on mergers and acquisitions: Evidence from U.S. target firms

AbstractThis study investigates whether a target firm's corporate social responsibility (CSR) performance creates value for shareholders. Our results indicate that target CSR performance that is stronger than that of the acquirer firm yields higher premiums for target shareholders. In addition, the positive valuation effect of CSR is more pronounced when well‐governed acquirers conduct the takeover. Our evidence is robust to several sensitivity tests. These results imply that favorable market reactions to the target's CSR are due to the market expectation that well‐governed acquirers reward the target's shareholders with a fair CSR value in merger and acquisition (M&A) transactions. Consistent with the stakeholder theory that maximizes stakeholder value, investing in CSR creates value in M&A transactions.

For Young Consumers Farm-to-fork Is Not Organic: A Cluster Analysis of University Students

Young consumers value healthy foods and are willing to pay for them. As young consumers transition into higher paying jobs, their influence in the food system will compound. This study used a convenient sample of university students to understand how young consumers value attributes for fresh produce. With the proliferation of food labels, this study takes a step back to identify four consumer segments with regard to their values on explicit (i.e., organic and local) and implicit (i.e., small-family farms and sustainable) attributes: committed, farm-to-fork, unattached, and skeptic. The study also investigated the impact of personal motives on cluster membership. Although committed consumers placed high value on all attributes, farm-to-fork consumers valued local, sustainable, and small-family farm systems, but did not have positive valuation toward organic. Our findings suggest increasing access to local foods and farmers market patronage is likely to increase consumers’ valuing foods with local, organic, sustainable, and small-family farms attributes.

Institutional investment horizons and firm valuation around the world

Using a comprehensive dataset of firms from 34 countries, we study the effect of institutional investors’ investment horizons on firm valuation around the world. We find a positive relation between institutional ownership and firm value that is driven by short-horizon institutional investors. Accounting for the interaction between investors’ investment horizon and nationality, we show that foreign short-horizon institutions, which are more likely to discipline managers through the threat of exit rather than engaging in monitoring made costly by the liability of foreignness, are the investor group with the strongest effect on firm value. Reinforcing the threat of exit channel, we find that the value-enhancing effect of short-horizon investors is stronger in the presence of multiple short-horizon investors, who are more likely to engage in competitive trading. The positive valuation effect of short-horizon investors is stronger when stock liquidity is high, which makes the exit threat more credible, and in firms prone to free cash flow agency problems. Overall, our results are consistent with short-horizon institutional investors, especially foreign institutional owners, affecting firm value by disciplining managers through a credible threat of exit.

Similarity Measures for Learning in Lattice Based Biomimetic Neural Networks

This paper presents a novel lattice based biomimetic neural network trained by means of a similarity measure derived from a lattice positive valuation. For a wide class of pattern recognition problems, the proposed artificial neural network, implemented as a dendritic hetero-associative memory delivers high percentages of successful classification. The memory is a feedforward dendritic network whose arithmetical operations are based on lattice algebra and can be applied to real multivalued inputs. In this approach, the realization of recognition tasks, shows the inherent capability of prototype-class pattern associations in a fast and straightforward manner without need of any iterative scheme subject to issues about convergence. Using an artificially designed data set we show how the proposed trained neural net classifies a test input pattern. Application to a few typical real-world data sets illustrate the overall network classification performance using different training and testing sample subsets generated randomly.

Corporate Culture and Firm Value: Evidence from Crisis

Measuring company culture in four types (collaborate, control, compete, and create) using 10-K text, we examine the role of culture in firm stability. We find that firms with higher controlling culture fared significantly better during the 2008-09 crisis. The results are robust to using alternative measures of firm performance and examining alternative crisis episodes. Firms with stronger controlling culture experienced fewer layoffs, less negative asset growth, greater debt issuance, and increased access to credit-line facilities during the crisis. The positive valuation effect of controlling culture is stronger among financially-constrained firms. Overall, the controlling culture improves firm stability through greater support from capital providers.

Knowledge Valuation by Iranian Women with High-Risk Pregnancy: A Qualitative Content Analysis.

ABSTRACTBackground: Gaining adequate knowledge about high-risk pregnancy (HRP) and correct understanding of the condition, empowers women to improve the use of prenatal care, practice better self-care, and reduce the risk of pregnancy complications. The present study aimed to assess the valuation of knowledge by Iranian women with HRPMethods: The present qualitative study was conducted on 25 women with HRP from August 2017 to August 2018 at various educational hospitals in Mashhad, Iran. The data were collected through in-depth semi-structured interviews. The data collection process continued until data saturation. The data were analyzed using the conventional content analysis method and MAXQDA software (version10.0). Data collection and data analysis were conducted concurrentlyResults: Based on the analysis of the interviews, two main categories and eight sub-categories were extracted. The main categories were “Positive valuation of credible problem-relevant knowledge” and “Avoidance of misleading and stressful information”. The results showed that various factors had a positive impact on knowledge gathering, namely personal and other people’s experiences, obtaining need-based information, sympathetic advice from others, and faith-based health recommendations. On the other hand, factors that had a negative impact were related to the type of information that caused stress, was unreliable, inefficient or incompatible with personal goals.Conclusion: The findings of the present study would help health care providers to offer suitable and empathetic counseling to women with HRP. Providing valid and accessible sources of information will lead to faster and timely referrals of such patients.

Corporate social responsibility and cash holdings in India: Evidence from a natural experiment

The relationship between CSR and cash holdings is not conclusive from prior studies due to the endogeneity issue. In this study, we use a natural experiment setting, i.e., the implementation of mandatory CSR spending regulation in India in 2015, to test the relationship between CSR and cash holdings. Our results show a positive relationship between CSR and the value of cash holdings. As a result of such positive valuation, we observe that the firms which are required to spend on CSR activities under the Act, increased their cash level in the post-regulation period.

Antieroe dai molti volti: Giuliano l'Apostata nel Medioevo bizantino and “Molti fedeli di Cristo morirono tra terribili pene.” Bibliografia agiografica giulianea con edizione della Passio Cyriaci BHG 465b

Antieroe dai molti volti: Giuliano l'Apostata nel Medioevo bizantino and “Molti fedeli di Cristo morirono tra terribili pene.” Bibliografia agiografica giulianea con edizione della Passio Cyriaci BHG 465b

Corporate social responsibility and firm value: Guiding through economic policy uncertainty

This letter examines the effect of economic policy uncertainty on the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP). Using a large sample of public firms from 36 countries over the 2002-2016 period, our findings show that the social capital built over years through CSR investments offsets the negative role of economic policy uncertainty on firm financial performance. Moreover, we document that, during times of high business uncertainty, the positive valuation effect of CSR is greater in developed markets.

“Hitlermania”

Recent surveys and reports document a growing phenomenon of “Hitlermania” in some parts of India. This article investigates whether the way in which National Socialism is presented in school education has encouraged this development or, on the contrary, has discouraged a positive valuation of the Nazis, including their leader. It analyzes curricula and a sample of school history textbooks published by state and central education boards, which have been used in Indian schools over the last two decades, focusing on their treatment of National Socialism and the Holocaust. While the results can be partly attributed to government interference in the school history curricula and in textbook writing, there appear to have been other factors at play, such as the social environment.

First attempt success of video versus direct laryngoscopy for endotracheal intubation by ambulance nurses: a prospective observational study

PurposeThe aim of this study was to compare the rate of first attempt success of endotracheal intubation performed by ambulance nurses in patients with a Glasgow Coma Scale (GCS) of 3 using video laryngoscopy versus direct laryngoscopy.MethodsA prospective cohort study was conducted in a single, independent ambulance service. Twenty of a total of 65 nurse-staffed ambulances were equipped with a video laryngoscope; a classic direct laryngoscope (Macintosh) was available on all 65 ambulances. The primary outcome was first attempt success of the intubation. Secondary outcomes were overall success, time needed for intubation, adverse events, technical or environmental issues encountered, and return of spontaneous circulation (ROSC). Ambulance nurses were asked if the intubation device had affected the outcome of the intubation.ResultsThe first attempt success rate in the video laryngoscopy group [53 of 93 attempts (57%)] did not differ from that in the direct laryngoscopy group [61 of 126 (48%); p = 0.221]. However, the second attempt success rate was higher in the video laryngoscopy group [77/93 (83%) versus 80/126 (63%), p = 0.002]. The median time needed for the intubation (53 versus 56 s) was similar in both groups. Ambulance nurses more often expected a positive effect when performing endotracheal intubation with a video laryngoscope (n = 72, 81%) compared with a direct laryngoscope (n = 49, 52%; p < 0.001).ConclusionAlthough no significant effect on the first attempt success was found, video laryngoscopy did increase the overall success rate. Ambulance nurses had a more positive valuation of the video laryngoscope with respect to success chances.

Is the relation between non-controlling interests and parent companies misleading?

This article investigates whether different levels of investor protection affect the equity market’s valuation of non-controlling interests (NCIs) in a consolidated corporate entity. Using a set of publicly listed European firms, our findings suggest a positive (negative) association of NCIs with parent companies’ share prices in countries with low (high) levels of investor protection. We interpret the findings as evidence that when non-controlling investors are not well-protected, parent companies have an opportunity to extract rents from non-controlling owners, leading to a positive valuation of NCIs’ equity. However, in countries where non-controlling investors are well-protected, parent companies are not able to extract rents but still must monitor and govern the related subsidiary; thus, NCIs become a net cost, and the relation inverts. JEL Classification: M41, M48

Indirect Costs of Government Aid and Intermediary Supply Effects: Lessons from the Paycheck Protection Program

The $669 billion Paycheck Protection Program (PPP) provides highly subsidized financing to small businesses. The PPP is a positive shock in financing supply to the small, highly constrained publicly listed firms in our sample and has average positive treatment effects. Yet, uptake is not universal. In fact, several firms return PPP funds before use, and curiously, experience positive valuation effects when they do so. These firms desire and the markets value the release from government oversight even if it means giving up cheap funding. The PPP is also a demand shock to the banks making PPP loans. Intermediary supply effects shape PPP delivery. Larger borrowers enjoy earlier PPP access, an effect that is more pronounced in big banks. The results have implications for policy design, the costs of being public, and bank-firm relationships.

Staged Equity Financing

We propose a rationale for why firms often return to the equity market shortly after their initial public offering (IPO). We argue that hard to value firms conduct smaller IPOs, and that they return to the equity market conditional on positive valuation signal from the stock market. Thus, information asymmetry is not a necessary condition for staged financing. We find strong support for these arguments in a sample of 2,143 U.S. IPOs between 1981-2014. Hard to value firms conduct smaller IPOs, and upon positive post-IPO returns, they tend to return to the equity market quickly, following the IPO.

Inter-Firm Connections, Alliance Formation and the Value Created by Alliances

We investigate the impact of inter-firm connections on alliances. We find that both professional connections, borne out of current employment ties and board interlocks along with social connections, borne out of past employment ties and educational ties, increase the likelihood of alliance formation. In addition, the market reacts more favorably to alliance announcements in the presence of such connections. Moreover, the positive valuation effects associated with connections increase with the degree of information asymmetry between the partner firms. Our findings are consistent with inter-firm connections creating value because it helps firms identify suitable alliance partners and facilitates the flow of information between partner firms, thereby reducing moral hazard concerns and the risk of ex-post opportunistic behavior.

Mediale Repräsentationen der Kaiserin Elisabeth von Österreich: Sissi im Film, Operette und Presse des 20. Jahrhunderts by Nicole Karczmarzyk

Reviewed by: Mediale Repräsentationen der Kaiserin Elisabeth von Österreich: Sissi im Film, Operette und Presse des 20. Jahrhunderts by Nicole Karczmarzyk Anita McChesney Nicole Karczmarzyk, Mediale Repräsentationen der Kaiserin Elisabeth von Österreich: Sissi im Film, Operette und Presse des 20. Jahrhunderts. Paderborn: Wilhelm Fink, 2017. 227 pp. The enduring fascination with Empress Elisabeth, or "Sissi," has not diminished even 125 years after her death. Her mythical status has been fueled by countless depictions in popular media. Yet in contrast to the numerous representations of the Empress, few academic studies have undertaken a systematic analysis of those portrayals themselves. Mediale Repräsentationen der Kaiserin Elisabeth von Österreich: Sissi im Film, Operette und Presse des 20. Jahrhunderts fills this gap in scholarship by analyzing changing representations of Elisabeth in the popular media of German-speaking countries from the late 1800s to the present. Focusing in particular on the evolving portrayals in film, on stage, and in the press, Nicole Karczmarzyk demonstrates the ways in which myths are functionalized along with their changing historical and media-cultural context. [End Page 121] The nine chapters of Mediale Repräsentationen are organized chronologically to trace the changing contours of the Sissy myths from her time to today. Chapter 1 begins with a brief discussion of the study's theoretical framework. Karczmarzyk outlines previous research on Empress Elisabeth as a cultural phenomenon and discusses select conceptions of myth, whereby she emphasizes its semantic and narratological functions and its use to mediate between discursive dichotomies. While this brief theoretical overview does little to advance a scholarly understanding of myth, it provides a basic framework for this study and its goal to offer insights into the changing depictions of this specific Austrian icon and into the dynamic formation and functionalization of myths as a whole. The real strengths of this book lie in the seven chapters following the introduction, which provide an informative, detailed study of representations of Elisabeth in their respective historical and media-cultural context. Chapter 2 focuses on the early formation of myths of the empress from the late i8oos to the end of the Habsburg Empire in 1918. This instructive first analysis is foundational for later chapters, as it details key qualities that will recur in varying forms in later representations. Drawing on accounts of Elisabeth in the popular press in and outside of Austria and on early photographs and paintings, Karczmarzyk highlights recurring topoi. Among the defining characteristics are: the positive valuation of Elisabeth's outsider status in the Habsburg court, which is then used to promote anti-monarchical sentiments; the portrayal of Elisabeth as the ideal Austrian "Landesmutter," who is endowed with qualities such as beauty, grace, privacy, and interiority in order to project ideal conservative middle-class female virtues; and the image of Elisabeth as the "Mater Dolorosa," or sorrowing martyr, which emphasizes her victimhood. Each of these idealized representations, Karczmarzyk shows, draws on existing topoi in myths that are reshaped to imbue the empress with qualities that advance a particular agenda. Chapter 3 of Mediale Repräsentationen illustrates the durability and malleability of these mythical qualities as seen in films and related press articles of the 1920s. The analysis emphasizes how selected narratives from Elisabeth's life create the image of a sensitive, humane empress in order to suggest a positive depiction of the past monarchy. Chapter 4 extends the narrative of the evolving Elisabeth myths by considering two competing representations in the Weimar Republic. On the one hand, German film depicts Elisabeth as [End Page 122] a victim of the Habsburg court in order to criticize the former Austrian government. On the other hand, Austrian films, operettas, musical comedies, plays, and even Hollywood productions use sentimental and romanticized depictions of Sissy as a fairy-tale princess to promote a nostalgic view of the former empire. Chapters 5 then demonstrates how films of the late 1930s and 1940s repurpose elements of the existing myths to advance National Socialist ideology. In chapter 6 Karczmarzyk looks at portrayals of Sissy in five films and accompanying film magazines of the 1950s that project the longing for a bygone era dominant in the culture of post-World War II Austria. Chapter 7...

REIT industry liquidity, valuation, and ownership reactions to ETF inceptions

ABSTRACT We examine the impact of Real Estate Investment Trust (REIT) Exchange Traded Fund (ETF) inceptions on the valuation, ownership structure, and liquidity of the U.S. REIT market. We posit that the relative homogeneity and concentration of the REIT industry creates a strong interconnection among REITs, especially for events that involve a significant number of firms in the industry. Initial perusal of the data suggests that the scarce supply of REITs forces new funds to include, on average, 60% of all existing REITs in their portfolios thus shocking the industry as a result of fund creations. We find that REITs experience a significant increase in institutional ownership and in stock turnover upon ETF inceptions. Small REITs experience a positive valuation effect, a significant increase in number of shareholders, and a significant reduction in shadow cost, while large capitalization REITs experience a significant negative valuation effect. We attribute this result to portfolio rebalancing effects driven by the increased visibility and coverage of small REIT stocks as a consequence of fund inceptions. We additionally find that buy-and-hold abnormal returns are positive and significant for all REITs, suggesting a permanent impact of ETF inceptions on REIT valuations. Finally, we find that REIT ETF inceptions create permanent increases in volatility in the REIT industry.

Oxytocin changes behavior and spatio-temporal brain dynamics underlying inter-group conflict in humans

Inter-group conflicts drive human discrimination, mass migration, and violence, but their psychobiological mechanisms remain largely unknown. Here, we investigated whether the neuropeptide oxytocin modulates behavior and spatio-temporal brain dynamics in naturalistic inter-group conflict. Eighty-six male members of natural rival social groups received either oxytocin or placebo intranasally. In a decision-making paradigm involving real monetary stakes, participants could sacrifice their own resources to modulate the monetary gains and losses of in- and out-group members. Oxytocin eliminated the reduction in out-group gains - particularly in individuals with low emotional empathy, whereas those given placebo exhibited this negative social behavior. Our spatio-temporal analysis of event-related potentials elicited by outcome valuation revealed that oxytocin replaced a neurophysiological process associated with the negative valuation of out-group gains via a process associated with positive valuation between 200-500ms after outcome presentation. Oxytocin thus seems to modulate inter-group behavior in humans via a specific alteration of valuation-related brain dynamics.

Corporate Social Performance and Firm Performance: Comparative Study among Developed and Emerging Market Firms

This study examines the impact of firms’ environmental, social and governance (ESG) initiatives on financial performance. It also compares the valuation effects of corporate social performance initiatives in developed and emerging market firms. The study was based on ESG ranking scores in the Thomson Reuters database, and the sample comprised 1317 emerging market firms and 3569 developed market firms. In comparison with developed market firms, emerging market firms had higher ESG combined scores, ESG Controversy scores, category scores of resources use, workforce, human rights and corporate social responsibility strategy scores. This study finds that stakeholder initiatives positively impact valuation effects, based on all sample results. Firm-generated controversies may decrease valuation effects in the stock market. Results indicated that ESG initiatives have a significant positive to the firm performance. The presence of independent board members and ownership by investors is a positive determinant for value creation. The adoption of best practice corporate governance principles is an important determinant of the valuation of firms. Firms’ propensity to use defence mechanisms decreases valuation effects. Developed market firms received positive valuation effects due to ESG initiatives.